TETRAD Investment Bank (TIB) has ended a two-year partnership with a Belgian-based financial advisory firm as the bank transforms into a commercial bank.
Report by Bernard Mpofu
According to a joint statement issued by the two companies, the alliance ended on January 31 2013.
“The termination is by mutual agreement with deVere Group Limited and is for commercial reasons. It is in line with Tetrad Investment Bank’s growth strategy model to continue providing a single point of service for individual customers,” reads the statement in part.
“The bank’s service content, team, procedures, and value-added benefits for customers will be comprehensively enhanced. The deVere group shall continue their operations in Zimbabwe with branches in Harare and Bulawayo. The deVere group will continue its expansion growth throughout the continent . . ., ” read the statement.
The deVere Group, one of the world’s largest independent financial consultancy group, in September 2010, entered into a new strategic alliance with the local merchant bank in a bid to tap the southern African region.
The deVere Group which has a strong presence in Africa with nine offices on the continent is hoping to reach out to new clients in Zimbabwe by offering them access to a broad range of services that complement the service they receive from Tetrad.
Tetrad Investment Bank is part of the Tetrad Group, a Zimbabwe based organisation with interest in the financial services sector, insurance, property and other areas of commerce.
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Last month TIB announced that its plans to convert to merchant banking were at an advanced stage following the revision of minimum capital requirements by the Reserve Bank of Zimbabwe.
The bank’s planned move to engage in retail banking comes at a time when the future of merchant banking in Zimbabwe remains bleak.
Last year, the central bank set new minimum capital requirements for commercial banks at $100 million from $12,5 million and has spread the compliance over one-and-half years to June 2014.
Under this staggered recapitalisation exercise, commercial banks were expected to raise $25 million in capital by December 2012.
